The head of the think tank IMANI Ghana, Franklin Cudjoe, has waded into the issue of the Bank of Ghana’s increasingly fraught decision to revoke the licence of uniBank, which among all the other banks seems to have been dealt with the most unfair of hands.
According to Franklin Cudjoe, examining the facts on the ground makes it clear that the Bank of Ghana are not acting in the best interest of the financial sector as they claim but for their own parochial interests which might be politically motivated.
The decision by the BOG to revoke uniBank’s licence has over the weeks begun to look more and more misguided as more facts surrounding the issue emerge.
The unfairness with which uniBank has been treated has forced Dr Kwabena Duffour to sue the central bank for their decision to revoke the uniBank’s licence to be overturned.
Commenting on the issue on his Facebook page, Cudjoe said uniBank’s financial health was not as bad as it had been broadcast and the facts laid out by the bank of Ghana have been found extremely wanting.
“Was Unibank really that broke? Isn’t it a deliberate ploy to waste our taxes on ‘saving’ a huge bank that needed no salvation in the manner it has been presented ? The presentation from the Central Bank is x-rated and sadly it is mischievously being released without adequate notice to Unibank! I have seen the papers and spoken at length to Dr. Kwabeba Dufour, the former Finance Minister and Central Bank Governor.. This is not how to treat even your worst enemy.” Cudjoe wrote.
“While appearing to sanitize the Financial industry let us be careful we do not create political arrangements that will be visited and changed by another set of politicians.” he added.
KPMG carried out a self admittedly incomplete look into uniBank’s finances which the BOG used as a basis for their action, yet uniBank shareholders have not been provided with an official copy of the document to allow them to adequately respond to its twisted findings.
The more one looks into the decision taken against uniBank, the more one thinks perhaps ‘political arrangements’ like Cudjoe alleges might have been behind the actions taken against what was the premier indigenously owned banks in the country.